crypto blog
Bitcoin and banking’s differing energy narratives are a matter of perspective
The Carbon Bankroll Report was released on May 17 as a collaboration among the Climate Safe Lending Network, The Outdoor Policy Outfit and Bank FWD. The collaboration made it possible to calculate the emissions generated due to a company’s cash and investments, such as cash, cash equivalents and marketable securities. The report revealed that for several large companies, such as Alphabet, Meta, Microsoft and Salesforce, the cash and investments are their largest source of emissions. The energy consumption of the flagship proof-of-work (PoW) blockchain network, Bitcoin, has been a matter of debate in which the network and its participants, especially miners, are criticized for contributing to an ecosystem that might be worsening climate change. However, recent findings have also brought the...
Axie Infinity: AXS price risks deeper losses despite 90% drawdown already
Axie Infinity (AXS) has dropped by roughly 90% after peaking out at $172 in November 2021. AXS’s sharp correction has made it one of the worst performing digital assets among the top-ranking cryptocurrencies. Moreover, it could undergo further declines in the coming months, according to a mix of technical and fundamental catalysts listed below. Low player count dampens AXS demand To recap, AXS serves as a settlement token within the Axie Infinity’s gaming ecosystem, allowing players to purchase native nonfungible tokens (NFT), a flurry of digital pets called “Axies.” It also acts as a work token that players can spend to breed new Axies. New users that enter the Axie Infinity ecosystem need Axies to pit them in a battle against other Axies. When they win, the platfo...
What are investment DAOs and how do they work?
What is an investment DAO? A decentralized autonomous organization (DAO) that raises and invests capital into assets on behalf of its community is an investment DAO. Investment DAOs tap into the power of Web3 to democratize the investment process and make it more inclusive. DAOs can have their units in tokens that are listed on a crypto exchange. The community rules are agreed upon and governance is enforced through smart contracts. Governance rights (voting) can be prorated based on the holdings in the DAO. Related: Types of DAOs and how to create a decentralized autonomous organization A decentralized organization that invests in cryptocurrencies, real estate, nonfungible tokens (NFTs) or any other asset class has several functional differences from traditional investment vehicles. This ...
Armstrong tweets in public airing of Coinbase’s internal discontent
A disgruntled Coinbase employee, identified only as 0x58E3, created a petition on Mirror.xyz on Thursday calling for the removal of three company executives. The petition, titled Operation Revive COIN, has been taken down, but it was captured by the Internet Archive and other websites. Coinbase CEO Brian Armstrong responded to it at length on Twitter. Coinbase chief operating officer Emilie Choi, chief product officer Surojit Chatterjee and chief people officer LJ Brock were the targets of the call for removal for “executing plans and ideas that have led to questionable results and negative values.” The author listed eight of their failings in detail. They included the unsuccessful Coinbase NFT platform, rescinding job offers to new employees, mismanagement, creating a toxic workplac...
NFT pics are the funhouse mirror high-end art deserves
The funny thing about many of the absolutely insane things happening in the world today is that from a certain perspective, they actually make perfect sense. Take the famous brands buying metaverse real estate, for example. At first glance, it makes no sense at all. At second glance, assuming the user base of the respective projects grows over time, it’s like buying an ad banner on a website, just at a higher markup. Considering how many headlines you get on the purchase, the purchase becomes quite sensible even if you do nothing with your plot of virtual land. It’s quite possible to make the same case for nonfungible token (NFT) art, another major trend in the blockchain space, at least in how much buzz it has generated. Just a few months ago, Paris Hilton and Jimmy Fallon checked how dee...
Blockchain for sustainable development: The case of Ghana
In modern times of rapid globalization and digitization, technological developments have now reached such proportions that the usage of cryptocurrencies is no new phenomenon. The technology behind blockchain opens the internet for financial services by replacing trust, a fundamental component of the financial system for centuries, with transparency integrated into a decentralized network. Thereby, blockchain bears the potential to help achieve the United Nations’ Sustainable Development Goals (SDG) by empowering the unbanked, predominantly women, reducing transaction fees as well as creating an alternative source of liquidity. Only 57.7% of adults in Ghana in 2021 had a bank account. Unable to afford participation in the formal financial system, the poor find themselves paying the most for...
Bitcoin ecosystem makes a U-turn recovery in global ATM installations
Bitcoin (BTC) ATM installations have marked a new comeback as June 2022 saw the reversal of the five-month-long downward trajectory for the first time this year. The global ATM installations worldwide fell consistently throughout the year, with May reporting the lowest number of 205 ATM installations. However, June saw the installation of over 882 ATM installations in just the first ten days. Chart showing the net change of cryptocurrency machines number installed and removed monthly. Source: Coin ATM Radar As evidenced by the above graph, May 2022’s drop reached a range that was last seen three years ago in 2019. Over the last two years, in 2020 and 2021, Bitcoin ATM installations grew consistently owing to friendlier regulatory landscapes amid a rewarding market when numerous crypt...
Jack Dorsey is building ‘Web5’ powered by Bitcoin
Block subsidiary TBD has announced plans to build a new decentralized web centered around Bitcoin (BTC), underscoring founder Jack Dorsey’s belief that the largest blockchain network will play a major role in the internet’s evolution. The new project, called “Web5,” represents the latest Bitcoin-centric endeavor to be pursued by Dorsey since stepping down as CEO of Twitter in November 2021. Whereas Web3 incorporates blockchain technology and tokenization to decentralize the internet, Web5 is being envisioned as an identity-based system that only utilizes one blockchain: Bitcoin. Twitter user Namcios broke down the concept of Web5 in a series of tweets that described several software components working together to enhance the user’s experience and enable decentralized identity m...
Do Kwon’s alleged $80 million withdrawals before Terra fallout triggers mixed reactions
Reports that Terra (the new LUNA orLUNA2) founder Do Kwon allegedly withdrew $80 million monthly before the project crashed surfaced Friday, leading members of the community to voice their opinions on the matter. In a tweet, crypto trader and analyst Michaël van de Poppe said that Kwon deserves imprisonment. He compared the Terraform Labs CEO to the infamous fraudster Bernie Madoff. “Honestly, he deserves jail,” Van de Poppe wrote. Twitter user DaisiObanla also agreed with Van de Poppe. According to DaisiObanla, he wants to hear the news that Kwon is sentenced to 150 years in prison without any parole. Moreover, football player Nicolas Boulay also chimed in, writing that the Terra executive “needs to feel the wrath of the community.” #DoKwon isnt #lunc and will never be able to...
Crypto Biz: Stablecoins are paving the way for mass adoption of crypto, June 2–8
Stablecoins are a controversial subject in crypto. Questioning the legitimacy and backing of Tether (USDT) is a right of passage for many entering the crypto market for the first time. The meltdown of the Terra (LUNC; or the old LUNA) ecosystem left little doubt that algorithmic stablecoins don’t have a future beyond Do Kwon’s fantasies. Pesky regulators are constantly poking and prodding at dollar-pegged assets to carve out firmer rules on their usage. But, if you look beyond all the fear, uncertainty and doubt, stablecoins are providing liquidity to millions of people who don’t have access to dollars because of capital controls or sanctions, or because hyperinflation is destroying their local currency. This week’s Crypto Biz newsletter looks at the role of stablecoins in fueling e-...
Here’s how blockchains are helping to advance the global energy grid
The blockchain industry’s impact on the energy sector has been a major source of controversy over the past five years. Governments and environmental protection advocates have routinely expressed concerns about the amount of energy required to keep the Bitcoin network secure. Data shows the network’s energy consumption now rivals the yearly energy consumed by some small countries. Historical Bitcoin network power demand. Source: CCAF While much of the debate has centered around the negative environmental impacts of Bitcoin (BTC) mining, the drive to maximize earnings from mining and integrate blockchain technology with the energy grid has also introduced new developments that have the potential to be beneficial in the long term. Here’s a look at several developments that have arisen out of ...
KuCoin continues to expand, chasing down Binance and Coinbase
KuCoin continues to expand and close gap to the top exchanges, such as Coinbase and Binance, as evidenced by increased utility of KCS token KuCoin Token (KCS) is the native token of KuCoin exchange, with which holders can earn daily passive income. Daily KCS bonuses are also available. Paying trading fees with KCS gets users a 20% discount on KuCoin. Also,other use cases of KCS include participating in Spotlight (IEO) , Burningdrop (a new launchpool product) and more. KuCoin’s goal to chase down the major crypto brokers remains in progress as the exchange, launched only five years ago, continues to expand its product offering and range of services. This is clearly evidenced by the push of the KCS token into more and more areas, which opens up a whole new opportunity for both the exchange a...
